VIC1 experienced sustained negative pricing at $–0.10/MWh across two intervals (23:15 and 23:25–23:30 on 18 June 2026), with prices recovering briefly to $5.08/MWh in between. The event occurred during a period of high renewable generation, with wind contributing over 7,200 MW and solar adding 421 MW to the region's supply.
The negative pricing reflects an oversupply condition in VIC1 where available generation exceeded demand, creating downward pressure on spot prices. Multiple binding constraints with marginal values between $5.10–$5.73/MWh indicate transmission or network limitations were active during this period, constraining the region's ability to export excess renewable generation and forcing local prices into negative territory to balance supply and demand.
Causal analysis generated by gridIQ's synthesis model from live AEMO market data: dispatch prices, generation mix, interconnector flows and market notices in the interval surrounding the event.